Question

If interim substantive procedures for an account identified NO exceptions, what would the auditor not perform on that account at year end?

1) Perform additional substantive procedures
2) Perform tests of controls
3) Perform analytical procedures
4) Perform tests of details

Answer 1

If interim substantive procedures for an account identified NO exceptions, the auditor would not need to perform additional substantive procedures on that account at year end.

However, other procedures such as tests of controls, analytical procedures, and tests of details would still need to be performed.

Step-by-step explanation:

If interim substantive procedures for an account identified NO exceptions, the auditor would not need to perform additional substantive procedures on that account at year end.

The purpose of interim substantive procedures is to identify any exceptions or errors in the account during the interim period. If no exceptions were found, it indicates that the account is accurate and there is no need for further testing.

However, the auditor would still need to perform other procedures such as tests of controls, analytical procedures, and tests of details on the account at year end. These procedures are designed to provide a reasonable assurance that there are no material misstatements in the financial statements.